While Japan has been the world’s largest buyer of liquified natural gas (LNG) for some time now, the 2012 export records are in and a new largest supplier has been named. Australia exported 15.9 million tons of LNG to Japan, overtaking the middle eastern nation of Qatar, which has long been the largest supplier to Japan, with its 15.7 million tons exported. These records were published in the latest EnergyQuarterly report from Energy Quest.
This is significant for Australia as the country also set new records in both export volumes and export revenue from LNG within the same period. Graeme Bethune, EnergyQuest CEO, says that Australia has managed to earn the largest share of the growing the LNG market, most due to the launching of the Pluto LNG project under the company Woodside in 2012. Bethune also acknowledged that the reason for Japan’s high demand of LNG continues to be the shutting down of its nuclear reactors following the Fukushima disaster in 2011, thus forcing the country heavily rely on fossil fuels for its energy needs.
In 2012, Japan imported a total of 87.3 million ton of LNG, an 11% increase over the year before. 18.2% of that supply came from Australia. It’s likely that Japan’s reliance on Australia for LNG will increase in the future, as the country has a number of LNG projects scheduled to enter production in the next five years.
[via Trading Room]
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